Axon Enterprise (AXON) FY2021 results: revenue $863 million, up 26.8% on the year

Axon Enterprise, Inc. (AXON) reported revenue of $863 million for fiscal 2021, the year ended 31 December 2021, up 26.8% on the year before. Net income was -$60 million, and diluted earnings per share $-0.91. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$863 million

+26.8% on the year

FY2014FY2021

Operating margin

-19.5%

-2.1% a year earlier

FY2014FY2021

Net income

-$60 million

FY2014FY2021

Diluted EPS

-$0.91

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	863	681	531	+26.8%
Cost of revenue	322	265	224	+21.8%
Gross profit	541	416	307	+29.9%
Gross margin	62.7%	61.1%	57.9%
Research and development	194	123	101	+57.5%
Selling, general and administrative	515	307	213	+67.6%
Operating income	-168	-14.2	-6.4
Operating margin	-19.5%	-2.1%	-1.2%
Pre-tax income	-141	-6.3	2.1
Income tax	-81.4	-4.6	1.2
Effective tax rate	n/a	n/a	57.4%
Net income	-60.0	-1.7	0.9
Net margin	-7.0%	-0.3%	0.2%
Diluted EPS	-$0.91	-$0.03	$0.01

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	124	38.5	65.7	+223.5%
Capital expenditure	49.9	72.6	15.9	-31.3%
Free cash flow	74.6	-34.1	49.7
Free cash flow margin	8.6%	-5.0%	9.4%
Cash from investing	253	-357	-241
Cash from financing	-174	299	-3.9
Depreciation and amortisation	18.7	12.5	11.4	+49.9%
Share-based compensation	303	134	78.5	+127.1%
Diluted shares, weighted	66m	62m	60m	+7.1%
Shares outstanding at period end	71m	64m	59m	+11.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,050	976	543	+7.6%
Debt	0.0	0.0	0.0
Operating lease liabilities	20.4	19.0	6.8	+7.8%
Other liabilities	618	386	295	+60.1%
Total liabilities and equity	1,688	1,381	846	+22.2%
Fixed assets	138	105	43.8	+31.2%
Goodwill	43.6	25.2	25.0	+72.9%
Intangible assets	15.5	9.4	12.8	+63.7%
Investments	45.7	497	224	-90.8%
Cash and equivalents	356	155	172	+129.2%
Inventory	109	90.0	38.8	+20.8%
Other assets	980	498	329	+96.7%
Total assets	1,688	1,381	846	+22.2%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.